PUBLISHER: The Business Research Company | PRODUCT CODE: 1337751
PUBLISHER: The Business Research Company | PRODUCT CODE: 1337751
“Algae-Based Animal Feed And Ingredients Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on algae-based animal feed and ingredients market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for algae-based animal feed and ingredients? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The algae-based animal feed and ingredients market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major players in the algae-based animal feed and ingredients market are: Alltech Inc., Cargill Inc., Corbion NV, Evonik Industries AG, Ajinomoto Co. Inc., Cellana Inc., BASF SE, Centafarm SRL, DuPont de Nemours Inc., Kemin Industries Inc., Koninklijke DSM NV, Novozymes A/S, Nutreco N.V., Tecnica Ganadera S.L., Aliga Microalgae, Triton Algae Innovations Inc., and Archer Daniels Midland Company.
The global algae-based animal feed and ingredients market is expected to grow from $3.10 billion in 2022 to $3.42 billion in 2023 at a compound annual growth rate (CAGR) of 10.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The algae-based animal feed and ingredients market is expected to reach $4.79 billion in 2027 at a CAGR of 8.8%.
The algae-based animal feed and ingredients market consists of sales of ulva, porphyra, spirulina, gracilaria, chlorella, dunaliella, and tetraselmis. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Algae-based animal feed and ingredients are nutrients and additives obtained from several algae species utilized as components in animal feed formulations. These are obtained from several algae species and are abundant in essential nutrients, making them very nutritious for animals and improving their growth and general health while fostering optimal development and production.
North America was the largest region in the algae-based animal feed and ingredients market in 2022. The regions covered in algae-based animal feed and ingredients report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of algae-based animal feed and ingredients are feed and feed ingredients. Animal feed refers to any edible material that can be eaten by a pet and offers nutrients, energy, or everything to the animal's diet. They are available in offline and online channels and are used in various feeding applications such as poultry, swine, ruminants, and aquaculture.
The increasing meat consumption is expected to propel the growth of the algae-based animal feed and ingredient market going forward. Meat consumption refers to consuming or eating meat, which is the flesh of animals typically used as food. Algae-based animal feed and ingredients are used as a sustainable and nutritious protein source for animal feed, as they contain essential nutrients like amino acids, vitamins, and minerals, making them a viable option to replace traditional feed ingredients, which improves health and increases the weight of animals. For instance, in 2022, according to the OCED (Organization for Economic Co-operation and Development), a France-based intergovernmental organization, US consumption of meat increased from 10,177.30 thousand metric tons in 2020 to 10,191.61 thousand metric tons in 2021. Further, global population growth is predicted to support a 15% rise in worldwide meat consumption by 2031. Therefore, increasing meat consumption is driving the development of the algae-based animal feed and ingredient market.
Product innovations have emerged as the key trend gaining popularity in the algae-based animal feed and ingredients market. Major companies operating in the algae-based animal feed and ingredients market are developing innovative products to strengthen their position in the market. For instance, in March 2021, Triton Algae Innovations Ltd, a US-based startup harnessing freshwater algae species, introduced its plant-based algae ingredients and first retail product, Plant-Based Tuna, to demonstrate the undersea crop's potential in alternative proteins to consumers. Chlamydomonas reinhardtii, the single-celled algae species used by Triton, is capable of producing plant proteins, and the business has succeeded in creating it in a scalable, cost-effective heterotrophic method. The product is an alternative protein ingredient, and solutions are made utilizing Chlamydomonas reinhardtii, green algae that Triton develops in its fermentation tanks. It claims protein levels equivalent to more well-known algae species such as chlorella and spirulina.
In May 2023, Alltech Inc., a US-based animal feed, meat, brewing, and distilling company, collaborated with Agolin SA to develop eco-friendly nutrition solutions to support cattle productivity and sustainability goals. Alltech and Agolin's collaboration will help farmers and ranchers achieve their sustainability goals while also improving the performance and profitability of the cattle in their herds and supply chains. Agolin S.A. is a Switzerland-based company that develops and manufactures algae-based feed additives and animal nutritional solutions.
The countries covered in the algae-based animal feed and ingredients market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The algae-based animal feed and ingredients market research report is one of a series of new reports from The Business Research Company that provides algae-based animal feed and ingredients market statistics, including algae-based animal feed and ingredients industry global market size, regional shares, competitors with an algae-based animal feed and ingredients market share, detailed algae-based animal feed and ingredients market segments, market trends and opportunities, and any further data you may need to thrive in the algae-based animal feed and ingredients industry. This algae-based animal feed and ingredient market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.